Thoma Bravo

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Thoma Bravo, LP
TypePrivately-held limited partnership
IndustryPrivate Equity
Predecessors
  • Golder Thoma & Co.
  • Golder Thoma Cressey Rauner (GTCR)
  • Thoma Cressey Equity Partners
  • Thoma Cressey Bravo
Founded2008; 16 years ago (2008)
Founders
HeadquartersChicago, Illinois
Number of locations
3 (Chicago, San Francisco, Miami)
Key people
  • Jennifer James (Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing)[1]
  • Jerry Nowak (Managing Director, General Counsel and Chief Administrative Officer)[2]
  • Amy Coleman Redenbaugh (Managing Director, Chief Financial Officer) [3]
ProductsInvestments, private equity funds, private credit funds
AUMUS$114 billion (2022)[4]
Number of employees
110 (directly)[5]
45,000 (indirectly)[6]
Websitethomabravo.com
File:Thoma Cressey historical logo.png
Thoma Cressey Equity Partners logo in use before 2007 when the firm changed its name

Thoma Bravo, LP, is an American private equity and growth capital firm with offices in San Francisco, Chicago and Miami.[7] It has done over 300 software deals[8] worth over $85 billion[9] since 2003 and oversees a portfolio of over 40 software companies that generate some $15 billion in annual revenue and employ 45,000 people[10][11] In October 2019, Forbes estimated the value of the firm, which is owned entirely by Orlando Bravo and a handful of his partners, at $7 billion.[12]

In October 2020, Thoma Bravo managed private equity funds representing over $70 billion in equity commitments.[13] It is the successor to the firm Golder Thoma & Co., which was established in 1980 by Stanley Golder and Carl Thoma.

In February 2019, the French business school HEC Paris, in conjunction with Dow Jones, named Thoma Bravo, the best-performing buyout investor after studying 898 funds raised between 2005 and 2014.[14] According to public data analyzed by Forbes, its funds returned 30% net annually. Since 2015, Thoma Bravo has sold or listed 25 investments worth $20 billion, four times their cost.[12]

In October 2019, Thoma Bravo’s co-founder and managing partner, Orlando Bravo, was named the first Puerto Rican-born billionaire as he debuted at 287th place on the Forbes 400 ranking of the wealthiest Americans.[12]

History

In 1980 Stanley Golder and Carl Thoma established Golder Thoma & Co,[15] a company that has been credited as creating the “consolidation” or “buy and build” investment strategy.[16][17] In 1984, Bryan Cressey was recruited to join the firm from First Chicago, and the firm's name was changed to Golder Thoma Cressey. With the promotion of Bruce Rauner to partner, it became Golder, Thoma, Cressey, Rauner, Inc. (GTCR).[18]

In 1998, the firm split into two firms: GTCR Golder Rauner, for raising larger funds and pursuing larger investments; and Thoma Cressey Equity Partners, which continued the firm's longstanding focus on the "middle market".[19]

Thoma Cressey Equity Partners began investing in the enterprise software sector in 2002 with the acquisition of Prophet21, a provider of software for durable goods distributors.[20]

In 2008, Thoma Cressey Bravo became Thoma Bravo after Bryan Cressey left the company to establish a separate healthcare services fund, Cressey & Co.[21][22]

Thoma Bravo is led by managing partners Seth Boro, Orlando Bravo, Scott Crabill, Lee Mitchell, Holden Spaht and Carl Thoma.[23] The firm closed its 12th fund in September 2016, with $7.6 billion.[24] Thoma Bravo raised $12.6 billion for its 13th fund, which was announced in January 2019.[25]

The company focuses on the application, infrastructure and cybersecurity software and technology-enabled business service sectors, and uses a "consolidation" or "buy and build" investment strategy.[26][27]

The company moved its operations to Miami, Florida at the end of 2020.[28]

In March 2022, Thoma Bravo acquired the enterprise cloud software company, Anaplan for $10.7 billion (€9.6bn).[29] The acquisition completed in June 2022 following Thoma Bravo cutting the takeover offer down to $10.4 billion.[30]

In April 2022, Thoma Bravo announced to acquire the identity security company, SailPoint for $6.9 billion.[31]

In April 2022, Thoma Bravo sold one of its companies, the cloud-first security solutions provider, Barracuda Networks to KKR for an undisclosed sum.[32]

In August 2022, Thoma Bravo agreed to buy Ping Identity for $2.8 billion in an all-cash transaction.[33] The same month, the company agreed to buy Nearmap, its first Australian acquisition, for A$1.06 billion (US$730 million).[34]

In October 2022, Thoma Bravo agreed to buy ForgeRock for $2.3 billion in an all-cash deal.[35]

See also

References

  1. ^ "Thoma Bravo: Best Fundraising Firm – Mid-Cap Buyout (fund size above USD10bn)". www.privateequitywire.co.uk. 2021-11-19. Retrieved 2022-10-06.
  2. ^ "Kirkland Lawyers Flock to Posts at Private Equity Companies". news.bloomberglaw.com. Retrieved 2022-10-06.
  3. ^ "Bravo! Thoma Bravo's software SPAC Thoma Bravo Advantage files for a $900 million IPO". Renaissance Capital. Retrieved 2022-10-06.
  4. ^ Sriram, Akash (2022-08-03). "Thoma Bravo deepens cybersecurity bet with $2.4 bln deal for Ping Identity". Reuters. Thoma Bravo, whose assets under management total more than $114 billion, has also bought software firms such as Anaplan Inc in the past few years
  5. ^ Marek, Lynne (2020-09-18). "This big-time private-equity player is heading west as it grows". Crain's Chicago Business.
  6. ^ "Thoma Bravo Completes $22.8 Billion Fundraise". Press release. October 26, 2020. Retrieved January 20, 2022.
  7. ^ "Thoma Bravo Contact". www.thomabravo.com.
  8. ^ St. Anthony, Neal (2021-03-23). "Thoma Bravo will buy Minneapolis-based Calabrio from KKR". Star Tribune.
  9. ^ "Thoma Bravo | Overview". www.thomabravo.com.
  10. ^ Marek, Lynne (2020-10-26). "Thoma Bravo raises $22.8 billion". Crain's Chicago Business.
  11. ^ Lynn, Alex (2020-10-13). "Performance watch: Thoma Bravo's PE funds". Private Equity International.
  12. ^ a b c Gara, Antoine. "Meet Wall Street's Best Dealmaker: New Billionaire Orlando Bravo". Forbes. Retrieved 2019-10-05.
  13. ^ Singh, Preeti (2020-10-26). "Thoma Bravo Raises $22.8 Billion in Record Tech-Fundraising Haul". The Wall Street Journal.
  14. ^ "The 2018 HEC-DowJones Private Equity Performance Ranking". HEC Paris. Retrieved 2019-10-05.
  15. ^ "A Brief History of Private Equity - Financial Poise". Financial Poise. 2013-07-01. Retrieved 2017-06-29.
  16. ^ "Company Information". www.massinvestordatabase.com. Retrieved 2017-06-29.
  17. ^ "Flexera Software Awarded Illinois Venture Capital Association's 2012 Private Equity Portfolio Company of the Year". www.flexerasoftware.com. Retrieved 2017-06-29.
  18. ^ "Just Who Is Bruce Rauner?". Chicago magazine. Retrieved 2017-06-29.
  19. ^ "Chicago Buyout Firm to Split Into 2 Investment Groups". American Banker. Retrieved 2017-06-29.
  20. ^ "Thoma Cressey Equity Partners and LLR Partners Announce Sale of Prophet 21 Inc. to Activant Solutions Inc". www.businesswire.com. 17 August 2005. Retrieved 2017-06-29.
  21. ^ "Dealmakers' boot camp; Golder Thoma: A buyout industry proving ground", Crain's Chicago Business, September, 2004 by Steve Daniels
  22. ^ "Personality Profile: Cressey Takes Specialization To The Next Level." Buyouts, June 23, 2008
  23. ^ "Team Members | Thoma Bravo". thomabravo.com. Retrieved 2017-06-29.
  24. ^ de la Merced, Michael J. (12 September 2016). "Thoma Bravo Raises $7.6 Billion Fund to Pursue More Tech Deals". Deal B%k: NYTimes. Retrieved 29 June 2017.
  25. ^ "Thoma Bravo raises $12.6 billion for latest private equity fund". Reuters. 2019-01-29. Retrieved 2019-03-15.
  26. ^ "Thoma Bravo, LLC: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2017-06-29.
  27. ^ Shabong, Yadarisa (2019-10-14). "Buyout firm Thoma Bravo adds Sophos to its cybersecurity chest with $3.8 billion deal". Reuters.
  28. ^ "Bravo Family Foundation dona $250,000 para apoyar a Surfside". CB en Español (in Spanish). 2021-06-28. Retrieved 2021-07-09.
  29. ^ "Anaplan acquired by Thoma Bravo in $10.7bn deal". www.channelweb.co.uk. 2022-03-21. Retrieved 2022-03-21.
  30. ^ Primack, Dan (2022-06-22). "Thoma Bravo's big tech repricing". Axios.
  31. ^ "Thoma Bravo to take identity security company SailPoint private for $6.9B". TechCrunch. Retrieved 2022-04-13.
  32. ^ "Barracuda acquired by KKR for reported $4bn". www.channelweb.co.uk. 2022-04-13. Retrieved 2022-04-13.
  33. ^ Prakash, Prarthana (2022-08-03). "Ping Identity Surges After Thoma Bravo Deal Announced". Bloomberg News. Archived from the original on 2022-08-03.
  34. ^ Fildes, Nic (22 August 2022). "Thoma Bravo agrees $730mn takeover of Australia mapping company". Financial Times.
  35. ^ Miller, Ron (2022-10-11). "Thoma Bravo buys third identity company this year with $2.3B ForgeRock acquisition". TechCrunch. Retrieved 2022-10-11.

External links

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